Carrier Global Corp. has completed its portfolio transformation and applied the majority of divestiture proceeds to reduce debt, which was elevated following the company?s $14.2 billion acquisition of Viessmann in early 2024. We believe Carrier?s financial policy is aligned with maintaining S&P Global Ratings-adjusted debt leverage below 3x, an improvement from the high-3x area immediately following the Viessmann acquisition -- demonstrated by the company?s track record of two successful deleveraging campaigns. Furthermore, we forecast operating performance will remain supportive of maintaining leverage between 2.5x-3x over our forecast period. We continue to maintain a favorable view of Carrier?s business, supported by its leading global market shares in heating, ventilation, air conditioning, and refrigeration (HVAC/R) verticals and the company?s large global installed
